0002051630 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:C000279884Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:PrincipalInvestmentRisks2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:MarketRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:IssuerRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:Fixed-IncomeandDebtSecuritiesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:HybridSecuritiesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:PreferredSecuritiesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:CapitalSecuritiesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:Capitalsecuritiesinparticulararealsosubjectto2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:ContingentConvertibleSecuritiesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:InterestRateRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:ForeignCurrencyRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:LiquidityRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:ConcentrationRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:Non-DiversificationRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:SecuritiesSelectionRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:CashTransactionRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:AuthorizedParticipantConcentrationRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:LargeShareholderRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:MarketTradingRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:NoGuaranteeofActiveTradingMarketRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:TradingIssuesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108841Member cik0002051630:LimitedOperatingHistoryRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:C000279885Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:PrincipalInvestmentRisks2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:MarketRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:IssuerRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:EmergingMarketRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:Fixed-IncomeandDebtSecuritiesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:SovereignDebtRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:InterestRateRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:LiquidityRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:ForeignCurrencyRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:Non-DiversificationRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:SecuritiesSelectionRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:CashTransactionRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:AuthorizedParticipantConcentrationRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:LargeShareholderRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:MarketTradingRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:NoGuaranteeofActiveTradingMarketRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:TradingIssuesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108842Member cik0002051630:LimitedOperatingHistoryRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:PrincipalInvestmentRisks2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member oef:RiskLoseMoneyMember 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:MarketRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:IssuerRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:Fixed-IncomeandDebtSecuritiesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:InterestRateRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:LiquidityRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:SecuritiesSelectionRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:CashTransactionRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:AuthorizedParticipantConcentrationRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:LargeShareholderRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:MarketTradingRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:NoGuaranteeofActiveTradingMarketRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:TradingIssuesRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:LimitedOperatingHistoryRisk2Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2016-12-31 2016-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2017-12-31 2017-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2018-12-31 2018-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2019-12-31 2019-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2020-12-31 2020-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2021-12-31 2021-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2022-12-31 2022-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2023-12-31 2023-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:C000279886Member 2024-12-31 2024-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:BloombergUSUniversalIndexreflectsnodeductionforfeesexpensesortaxes31Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:BloombergUSUniversalIndexreflectsnodeductionforfeesexpensesortaxes31Member 2025-01-01 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:BloombergUSUniversalIndexreflectsnodeductionforfeesexpensesortaxes31Member 2021-01-01 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:BloombergUSUniversalIndexreflectsnodeductionforfeesexpensesortaxes31Member 2016-01-01 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:ICEBofAUSHighYieldIndexreflectsnodeductionforfeesexpensesortaxes32Member 2025-12-31 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:ICEBofAUSHighYieldIndexreflectsnodeductionforfeesexpensesortaxes32Member 2025-01-01 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:ICEBofAUSHighYieldIndexreflectsnodeductionforfeesexpensesortaxes32Member 2021-01-01 2025-12-31 0002051630 cik0002051630:S000108843Member cik0002051630:ICEBofAUSHighYieldIndexreflectsnodeductionforfeesexpensesortaxes32Member 2016-01-01 2025-12-31 iso4217:USD pure N-1A 2026-09-14 Lazard Hybrid Financial Income ETF Investment Objective The Portfolio seeks maximum total return from a combination of capital appreciation and current income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of Lazard Active ETF Trust (the “Trust”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0 0.0060 Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to any waiver and/or the expense reimbursement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 60 191 Portfolio Turnover The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no portfolio turnover information is presented. Principal Investment Strategies Under normal circumstances, the Portfolio invests at least 80% of its net assets (plus any borrowings for investment purposes) in Hybrid Securities issued by companies in the financials sector. Hybrid Securities are instruments that exhibit both bond- and equity-like features, including, but not limited to, preferred securities, contingent convertible securities (“CoCos”), capital securities and subordinated debt. Hybrid Securities are often subordinated in a company’s capital structure and may have higher risk than senior or secured debt.Capital securities are instruments issued by banks, insurance companies, and other financial institutions that are designed to qualify as regulatory capital. They typically feature long-dated or perpetual maturities and subordination to an issuer’s senior debt, and interest or distribution payments may be discretionary or deferrable. CoCos are hybrid instruments issued primarily by banks and other financial institutions as a form of loss-absorbing regulatory capital. Unlike conventional bonds, CoCos are structured to automatically convert into equity or have their principal written down, potentially to zero, upon the occurrence of a pre-specified "trigger" event. Common triggers include the issuer's regulatory capital ratio (e.g., Common Equity Tier 1 ratio) falling below a defined threshold, or a determination by the relevant regulator, at its discretion, that the issuer has reached a point of non-viability. This loss-absorption mechanism allows CoCos to strengthen an issuer's capital base in times of stress, which is why they are typically issued to satisfy Additional Tier 1 or Tier 2 regulatory capital requirements. In exchange for bearing this conversion or write-down risk, CoCos generally offer higher yields than an issuer's senior or traditional subordinated debt.The Portfolio will invest in securities issued across the globe, with a focus of its investments in Europe and North America, although the allocation of the Portfolio’s assets among countries and regions may vary from time to time based on the Investment Manager’s judgment and its analysis of market conditions.In managing the Portfolio, the Investment Manager uses a bottom-up approach that involves Investment Manager engagement with issuers, fundamental analysis, risk measurement and scenario analysis and use of a variety of research and risk management tools in connection with the overall portfolio construction and analysis. As a complement, the Investment Manager also includes a top-down approach which involves analysis of macro and market data, cyclical trends and other factors.The Portfolio may invest without limitation in securities rated below investment grade (i.e., lower than Baa3 by Moody’s Investors Service, Inc. (“Moody’s”) or lower than BBB- by S&P Global Ratings (“S&P”)) (“junk bonds”) or securities that are unrated. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.The Portfolio will be concentrated in securities of issuers having their principal business activities in the group of industries that comprise the financials sector.The Portfolio is classified as “non-diversified” under the 1940 Act, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund. Principal Investment RisksThe value of your investment in the Portfolio will fluctuate, which means you could lose money. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Market Risk: The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets. Issuer Risk: The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.Non-U.S. Securities Risk: The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. Fixed-Income and Debt Securities Risk: The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Hybrid Securities Risk: Hybrid Securities are subordinated debt securities. The claims of holders of Hybrid Securities of an issuer are subordinated to those of holders of Senior debt securities in bankruptcy, and thus Hybrid Securities may be more volatile and subject to greater risk than traditional debt securities. Hybrid securities may not fully participate in gains of their issuer and thus potential returns of such securities are generally more limited than traditional equity securities, which would participate in such gains.The terms of Hybrid Securities may vary substantially and the risks of a particular hybrid security will depend upon the terms of the instrument, but may include the credit risk of the issuer. Hybrid Securities also carry risk of non-payment of interest and loss of capital in certain circumstances. These securities are also exposed to potentially significant fluctuations in price if the issuer lacks capital or experiences difficulties. Many hybrid securities are subject to provisions permitting their issuers to omit or defer distributions under specified circumstances. Hybrid securities may also have restricted or no voting rights and may have substantially lower overall liquidity than many other securities. Any of these features could cause a loss in market value of hybrid securities held by the Portfolio or otherwise adversely affect the Portfolio. Preferred Securities Risk: There are various risks associated with investing in preferred securities. In addition, unlike common stock, participation in the growth of an issuer may be limited.<p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;">· Credit risk is the risk that a security held by the Portfolio will decline in price or the issuer of the security will fail to make dividend, interest or principal payments when due because the issuer experiences a decline in its financial status.<p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;">· Interest rate risk is the risk that securities will decline in value because of changes in market interest rates. When market interest rates rise, the market value of such securities generally will fall.<p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;">· Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer.<p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;">· Preferred securities are generally subordinated to bonds and other debt instruments in an issuer’s capital structure in terms of having priority to corporate income, claims to corporate assets and liquidation payments, and therefore will be subject to greater credit risk than more senior debt instruments.<p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;">· During periods of declining interest rates, an issuer may be able to exercise an option to call, or redeem its issue at par earlier than the scheduled maturity. If this occurs during a time of lower or declining interest rates, the Portfolio may have to reinvest the proceeds in lower yielding securities (and the Portfolio may not benefit from any increase in the value of its portfolio holdings as a result of declining interest rates).<p style="margin-top:revert; margin-bottom:revert; font-size:10.0pt; font-family:Sans-Serif; text-align:left; color:#171A1C; text-indent:-14.4pt; font-weight:normal; margin-left:14.4pt; font-style:normal;">· Certain preferred securities may be substantially less liquid than many other securities, such as common stocks or U.S. government securities. Illiquid securities involve the risk that the securities will not be able to be sold at the time desired by the Portfolio or at prices approximating the value at which the Portfolio is carrying the securities on its books. Capital Securities Risk: The value of capital securities may decline in response to changes in legislation and regulations applicable to financial institutions and financial markets, increased competition, adverse changes in general or industry-specific economic conditions, or unfavorable interest rates. Capital securities in particular are also subject to: the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event; the risk that coupon or distribution payments may be cancelled, deferred, or suspended at the issuer’s discretion or upon the occurrence of certain regulatory or financial conditions, without constituting an event of default; the risk that the principal amount may be written down to a lesser amount, including potentially to zero, or converted into equity, automatically upon the occurrence of a trigger event, independent of any liquidation or bankruptcy proceeding; the risk that such securities may be called by the issuer prior to maturity, or, if not called, may remain outstanding longer than expected, in each case affecting the security's value and the Portfolio's returns; and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk, and liquidity risk, and to equity investments, any of which could result in losses to the Portfolio. Changes to regulatory capital requirements or related supervisory guidance may affect the value, ranking, or terms of capital securities. Contingent Convertible Securities Risk: CoCos are hybrid securities, most commonly issued by foreign financial institutions (e.g., European banks), that are intended to either convert into equity or have their principal written down (including potentially to zero) upon the occurrence of certain “triggers.” When an issuer’s capital ratio falls below a specified trigger level, or in a regulator’s discretion depending on the regulator’s judgment about the issuer’s solvency prospects, a CoCo may be written down, written off or converted into an equity security. Due to the contingent write-down, write-off and conversion feature, CoCos may have substantially greater risk than other securities in times of financial stress. If the trigger level is breached, the issuer's decision to write down, write off or convert a CoCo may be outside its control, and the Portfolio may suffer a complete loss on an investment in CoCos with no chance of recovery even if the issuer remains in existence. The value of CoCos is unpredictable and may be influenced by many factors including, without limitation: the creditworthiness of the issuer and/or fluctuations in such issuer's applicable capital ratios; supply and demand for CoCos; general market conditions and available liquidity; and economic, financial and political events that affect the issuer, its particular market or the financial markets in general. Interest Rate Risk: Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk due to certain changes in general economic conditions, inflation and monetary policy. Foreign Currency Risk: Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies, as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns. Liquidity Risk: The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price. Concentration Risk: The Portfolio will be concentrated (i.e., hold more than 25% of the value of the Portfolio’s assets) in securities of issuers having their principal business activities in companies in the financials sector, and the Portfolio would be expected to be affected by developments in that sector.Financials. Companies in the financials sector can be significantly affected by, among other things: government regulation; changes in interest rates and/or monetary policy and general economic conditions; the availability and cost of capital; capital requirements; decreased liquidity in credit markets; and the rate of defaults on corporate, consumer and government debt. Non-Diversification Risk: The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers. Securities Selection Risk: Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies. Cash Transaction Risk: To the extent the Portfolio sells Portfolio securities to meet some or all of a redemption request with cash, the Portfolio may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in kind. As a result, the Portfolio may pay out higher annual capital gain distributions than if the in-kind redemption process were used. Additionally, the Portfolio may incur additional brokerage costs related to buying and selling securities if it utilizes cash as part of a creation or redemption transaction than it would if the Portfolio had transacted entirely in-kind. The Portfolio imposes transaction fees to offset all or a part of the costs associated with utilizing cash as part of a creation or redemption transaction. To the extent that the transaction fees do not offset the costs associated with a cash transaction, the Portfolio performance may be negatively impacted. Authorized Participant Concentration Risk: Only an authorized participant may engage in creation or redemption transactions directly with the Portfolio. The Portfolio has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. The Portfolio has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Portfolio and no other authorized participant creates or redeems, Shares may trade at a discount to net asset value and possibly face trading halts and/or delisting. Authorized participant concentration risk may be heightened for exchange-traded funds (“ETFs”) that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Large Shareholder Risk: Certain shareholders, including other funds advised by the Investment Manager, may from time to time own a substantial amount of the Portfolio’s shares. In addition, a third party investor, the Investment Manager or an affiliate of the Investment Manager, an Authorized Participant, a market maker, or another entity may invest in the Portfolio and hold its investment for a limited period of time. There can be no assurance that any large shareholder would not redeem or sell its investment. Redemptions of a large number of Portfolio shares could require the Portfolio to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Portfolio to make taxable distributions to its shareholders earlier than the Portfolio otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Portfolio may hold a relatively large proportion of its assets in cash in anticipation of large redemptions (to the extent redemptions are effected in cash), diluting its investment returns. These large redemptions may also force the Portfolio to sell portfolio securities when it might not otherwise do so, which may negatively impact the Portfolio’s net asset value, increase the Portfolio’s brokerage costs and/or have a material effect on the market price of the Portfolio shares. Market Trading Risk: The net asset value of the Portfolio and the market price of your investment in Portfolio shares may fluctuate. Market prices of Portfolio shares may fluctuate, in some cases significantly, in response to the Portfolio’s net asset value, the intraday value of the Portfolio’s holdings and supply and demand for shares. The Portfolio faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for shares. Any of these factors, among others, may result in shares trading at a significant premium or discount to net asset value, which will be reflected in the intraday bid/ask spreads and/or the closing price of shares as compared to net asset value. In addition, because liquidity in certain underlying securities may fluctuate, shares may trade at a larger premium or discount to net asset value than shares of other kinds of ETFs. If a shareholder purchases shares at a time when the market price is at a premium to the net asset value or sells shares at a time when the market price is at a discount to the net asset value, the shareholder may pay more for, or receive less than, the underlying value of the shares, respectively. Additionally, in stressed market conditions, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the Portfolio’s underlying holdings.Where all or a portion of the Portfolio’s underlying securities trade in a market that is closed when the market in which the Portfolio’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Portfolio’s domestic trading day, and liquidity in such securities may also be reduced after the applicable closing times. This in turn could lead to differences between the market price of the Portfolio’s shares and the underlying value of those shares and widened bid-ask spreads or fixing or settlement times. No Guarantee of Active Trading Market Risk: There can be no assurance that an active trading market for Portfolio shares will develop or be maintained. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in stressed market conditions because market makers and Authorized Participants may step away from making a market in the shares and in executing creation and redemption orders, which could cause a material deviation in the Portfolio’s market price and its underlying net asset value. Trading Issues Risk: Trading in Portfolio shares may be halted due to market conditions or for reasons that, in the view of the listing exchange, make trading in shares on the listing exchange inadvisable. In addition, trading in shares on the listing exchange is subject to trading halts caused by extraordinary market volatility pursuant to the listing exchange “circuit breaker” rules. In the event of a trading halt or unanticipated early closing of the listing exchange, a shareholder may be unable to purchase or sell shares of the Portfolio. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Portfolio will continue to be met or will remain unchanged. Limited Operating History Risk: The Portfolio has not commenced operations. As a result, prospective investors would not have a track record or history on which to base their investment decisions. In addition, until the Portfolio achieves a certain size, the performance of certain of its investments may disproportionately impact the performance of the Portfolio, which may be subject to heightened volatility. In addition, there can be no assurance that the Portfolio will grow to or maintain an economically viable size. Performance Bar Chart and Table Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. www.lazardassetmanagement.com (800) 823-6300 Lazard Non-Dollar Active Income ETF Investment Objective The Portfolio seeks high current income, with capital appreciation as a secondary objective. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of Lazard Active ETF Trust (the “Trust”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0 0.0050 Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to any waiver and/or the expense reimbursement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 50 159 Portfolio Turnover The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no portfolio turnover information is presented. Principal Investment Strategies Under normal circumstances, the Portfolio invests at least 80% of its assets (plus any borrowings for investment purposes) in fixed income securities denominated in currencies other than the U.S. dollar.The Portfolio invests primarily in fixed income securities issued or guaranteed by governments, government agencies or supranational bodies or companies or other private-sector entities (including emerging markets issuers), including fixed and/or floating rate investment grade and non-investment grade bonds, commercial paper, short- and medium-term obligations and other fixed-income obligations, and may invest in money market instruments such as certificates of deposit.In managing the Portfolio, the Investment Manager utilizes a combination of bottom-up fundamental security analysis with a top-down global macroeconomic analysis. The top-down approach involves analysis of various developed and emerging markets fundamental data, cyclical trends, and global supply/demand appetites, and other factors. The Investment Manager engages in issuer, sovereign, asset allocation, risk measurement and scenario analysis during the portfolio construction process and utilizes a variety of research and risk management tools in connection with the overall portfolio construction and analysis.The Portfolio may invest without limitation in securities rated below investment grade (i.e., lower than Baa by Moody’s Investors Service, Inc. (“Moody’s”) or lower than BBB by S&P Global Ratings (“S&P”)) (“junk bonds”) or securities that are unrated. Therefore, the Portfolio is permitted to invest all or a substantial portion of its assets in junk bonds issued by foreign governments and their agencies and instrumentalities. Additionally, the Portfolio is not restricted to investments in securities of any particular maturity or duration. Duration is an estimate of the sensitivity of the price (the value of principal) of a fixed-income security to a change in interest rates. Generally, the longer the duration, the higher the expected volatility. For example, the market price of a fixed-income security with a duration of three years would be expected to decline 3% if interest rates rose 1%. Conversely, the market price of the same security would be expected to increase 3% if interest rates fell 1%.The Portfolio is classified as “non-diversified” under the Investment Company Act of 1940, as amended, which means that it may invest a relatively high percentage of its assets in a limited number of issuers, when compared to a diversified fund. Principal Investment RisksThe value of your investment in the Portfolio will fluctuate, which means you could lose money. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Market Risk: The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets. Issuer Risk: The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception.Non-U.S. Securities Risk: The Portfolio’s performance will be influenced by political, social and economic factors affecting the non-U.S. countries and companies in which the Portfolio invests. Non-U.S. securities carry special risks, such as less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Non-U.S. securities may also subject the Portfolio’s investments to changes in currency rates, which can make the return on an investment increase or decrease, unrelated to the quality or performance of the investment itself. Non-U.S. securities may be subject to economic sanctions or other governmental actions or developments, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) or problems related to share registration, trade settlement or asset custody, which could, among other things, effectively restrict or eliminate the Portfolio’s ability to purchase or sell certain foreign securities. To the extent the Portfolio holds securities subject to such actions, the securities may become difficult to value and/or less liquid (or illiquid). In some cases, the securities may become worthless. In addition, as a result of trade restrictions (including tariffs) and other similar governmental actions or developments, the Portfolio may be forced to sell or otherwise dispose of foreign investments at inopportune times or prices. In addition, investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. Emerging market countries can generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. Emerging Market Risk: Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. The economies of countries with emerging markets may be based predominantly on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme debt burdens or volatile inflation rates. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the threat or imposition of sanctions or exchange controls (including repatriation restrictions). The securities markets of emerging market countries have historically been extremely volatile and less liquid than more developed markets, thus, the Portfolio may be unable to liquidate its positions in such securities at a favorable time or price. These market conditions may continue or worsen. Investments in these countries may be subject to political, economic, legal, market and currency risks. Significant devaluation of emerging market currencies against the U.S. dollar may occur subsequent to acquisition of investments denominated in emerging market currencies. Emerging market countries may also be more susceptible to fraud, corruption, and money laundering, which may result in negative commercial consequences in relation to the value, liquidity and tradability of investments in or related to those regions. Fixed-Income and Debt Securities Risk: The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Sovereign Debt Risk: Investments in non-US sovereign debt obligations create exposure to the direct or indirect consequences of political, social or economic conditions and events in the countries that issue the obligations and involve special risks not present in investments in US government debt or debt of corporate issuers. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of US government debt or debt of corporate issuers and there may be limited secondary market liquidity. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Portfolio may have limited recourse in the event of a default. Sovereign debt risk is increased for emerging market issuers, and certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis, which has led to defaults and the restructuring of certain indebtedness. Certain emerging market countries have declared moratoria on the payment of principal and interest on their sovereign debt. Interest Rate Risk: Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk due to certain changes in general economic conditions, inflation and monetary policy. Liquidity Risk: The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price. Foreign Currency Risk: Investments denominated in currencies other than U.S. dollars may experience a decline in value, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Portfolio’s investments denominated in such currencies (particularly currencies of emerging markets countries), as well as any investments in currencies themselves, could be adversely affected by delays in, or a refusal to grant, repatriation of funds or conversion of currencies. Irrespective of any foreign currency exposure hedging, the Portfolio may experience a decline in the value of its portfolio securities, in U.S. dollar terms, due solely to fluctuations in currency exchange rates. The Investment Manager does not intend to utilize foreign currency contracts for the purpose of generating investment returns. Non-Diversification Risk: The Portfolio’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence than if the Portfolio’s investments consisted of securities issued by a larger number of issuers. Securities Selection Risk: Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies. Cash Transaction Risk: To the extent the Portfolio sells Portfolio securities to meet some or all of a redemption request with cash, the Portfolio may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in kind. As a result, the Portfolio may pay out higher annual capital gain distributions than if the in-kind redemption process were used. Additionally, the Portfolio may incur additional brokerage costs related to buying and selling securities if it utilizes cash as part of a creation or redemption transaction than it would if the Portfolio had transacted entirely in-kind. The Portfolio imposes transaction fees to offset all or a part of the costs associated with utilizing cash as part of a creation or redemption transaction. To the extent that the transaction fees do not offset the costs associated with a cash transaction, the Portfolio performance may be negatively impacted. Authorized Participant Concentration Risk: Only an authorized participant may engage in creation or redemption transactions directly with the Portfolio. The Portfolio has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. The Portfolio has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Portfolio and no other authorized participant creates or redeems, Shares may trade at a discount to net asset value and possibly face trading halts and/or delisting. Authorized participant concentration risk may be heightened for exchange-traded funds (“ETFs”) that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Large Shareholder Risk: Certain shareholders, including other funds advised by the Investment Manager, may from time to time own a substantial amount of the Portfolio’s shares. In addition, a third party investor, the Investment Manager or an affiliate of the Investment Manager, an Authorized Participant, a market maker, or another entity may invest in the Portfolio and hold its investment for a limited period of time. There can be no assurance that any large shareholder would not redeem or sell its investment. Redemptions of a large number of Portfolio shares could require the Portfolio to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Portfolio to make taxable distributions to its shareholders earlier than the Portfolio otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Portfolio may hold a relatively large proportion of its assets in cash in anticipation of large redemptions (to the extent redemptions are effected in cash), diluting its investment returns. These large redemptions may also force the Portfolio to sell portfolio securities when it might not otherwise do so, which may negatively impact the Portfolio’s net asset value, increase the Portfolio’s brokerage costs and/or have a material effect on the market price of the Portfolio shares. Market Trading Risk: The net asset value of the Portfolio and the market price of your investment in Portfolio shares may fluctuate. Market prices of Portfolio shares may fluctuate, in some cases significantly, in response to the Portfolio’s net asset value, the intraday value of the Portfolio’s holdings and supply and demand for shares. The Portfolio faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for shares. Any of these factors, among others, may result in shares trading at a significant premium or discount to net asset value, which will be reflected in the intraday bid/ask spreads and/or the closing price of shares as compared to net asset value. In addition, because liquidity in certain underlying securities may fluctuate, shares may trade at a larger premium or discount to net asset value than shares of other kinds of ETFs. If a shareholder purchases shares at a time when the market price is at a premium to the net asset value or sells shares at a time when the market price is at a discount to the net asset value, the shareholder may pay more for, or receive less than, the underlying value of the shares, respectively. Additionally, in stressed market conditions, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the Portfolio’s underlying holdings.Where all or a portion of the Portfolio’s underlying securities trade in a market that is closed when the market in which the Portfolio’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Portfolio’s domestic trading day, and liquidity in such securities may also be reduced after the applicable closing times. This in turn could lead to differences between the market price of the Portfolio’s shares and the underlying value of those shares and widened bid-ask spreads or fixing or settlement times. No Guarantee of Active Trading Market Risk: There can be no assurance that an active trading market for Portfolio shares will develop or be maintained. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in stressed market conditions because market makers and Authorized Participants may step away from making a market in the shares and in executing creation and redemption orders, which could cause a material deviation in the Portfolio’s market price and its underlying net asset value. Trading Issues Risk: Trading in Portfolio shares may be halted due to market conditions or for reasons that, in the view of the listing exchange, make trading in shares on the listing exchange inadvisable. In addition, trading in shares on the listing exchange is subject to trading halts caused by extraordinary market volatility pursuant to the listing exchange “circuit breaker” rules. In the event of a trading halt or unanticipated early closing of the listing exchange, a shareholder may be unable to purchase or sell shares of the Portfolio. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Portfolio will continue to be met or will remain unchanged. Limited Operating History Risk: The Portfolio has not commenced operations. As a result, prospective investors would not have a track record or history on which to base their investment decisions. In addition, until the Portfolio achieves a certain size, the performance of certain of its investments may disproportionately impact the performance of the Portfolio, which may be subject to heightened volatility. In addition, there can be no assurance that the Portfolio will grow to or maintain an economically viable size. Performance Bar Chart and Table Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Because the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. the Portfolio had not commenced investment operations prior to the date of this Prospectus, no performance returns are presented. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. Comparison of Portfolio performance to an appropriate index indicates how the Portfolio’s average annual returns compare with those of a broad measure of market performance. After the Portfolio commences investment operations, performance information will be available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. Annual performance returns provide some indication of the risks of investing in the Portfolio by showing changes in performance from year to year. www.lazardassetmanagement.com (800) 823-6300 Lazard US High Yield ETF Investment Objective The Portfolio seeks maximum total return from a combination of capital appreciation and current income. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio, a series of Lazard Active ETF Trust (the “Trust”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and the Example below. Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0039 0 0.0039 Example This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then hold or sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same, giving effect to any waiver and/or the expense reimbursement in year one only. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 40 125 219 493 Portfolio Turnover The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. During the most recent fiscal year, the Portfolio’s portfolio turnover rate, which was the portfolio turnover rate of the Portfolio’s predecessor portfolio, Lazard US High Yield Portfolio, a series of The Lazard Funds, Inc., was 14% of the average value of its portfolio. Principal Investment Strategies Under normal circumstances, the Portfolio invests at least 80% of its assets in high yield fixed-income securities issued by corporations or other non-governmental issuers similar to corporations, which securities are tied economically to the U.S. The Portfolio considers “high yield” fixed income securities to be those rated, at the time of purchase, below investment grade by S&P Global Ratings (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”) and as low as C or Ca by S&P or Moody’s, respectively, or the unrated equivalent as determined by the Investment Manager (“junk bonds”). The Portfolio considers a company or issuer to be tied economically to the U.S. if: (i) the company/issuer is organized under the laws of or is domiciled in the U.S. or maintains its principal place of business in the U.S.; (ii) the security, or security of such company/issuer, is traded principally in the U.S.; or (iii) during the most recent fiscal year of the company/issuer, the company/issuer derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the U.S. or that has at least 50% of its assets in the U.S.Although the Portfolio may invest in fixed-income securities without regard to their maturity, the Portfolio’s average weighted maturity is expected to range between two and ten years.Investments are evaluated based on their fundamental and structural characteristics. Valuation analysis is tailored to the specific asset class, but may include credit research, prepayment or call options, maturity, duration, coupon, currency and country risks. The Portfolio is constructed using a bottom-up discipline in which the Investment Manager follows a systematic process to seek out undervalued opportunities within each sector.The Portfolio may invest up to 20% of its assets in other investments which need not be fixed-income securities as described above and need not be tied economically to the U.S. Principal Investment RisksThe value of your investment in the Portfolio will fluctuate, which means you could lose money. The value of your investment in the Portfolio will fluctuate, which means you could lose money. Market Risk: The Portfolio may incur losses due to declines in one or more markets in which it invests. These declines may be the result of, among other things, political, regulatory, market, economic or social developments affecting the relevant market(s). To the extent that such developments impact specific industries, market sectors, countries or geographic regions, the Portfolio’s investments in such industries, market sectors, countries and/or geographic regions can be expected to be particularly affected, especially if such investments are a significant portion of its investment portfolio. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many issuers, which could adversely affect the Portfolio. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers worldwide. As a result, local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issues, social unrest, natural disasters, extreme weather, other geological events, man-made disasters, supply chain disruptions, deflation, inflation, government defaults, government shutdowns, the imposition of sanctions or other similar measures, recessions or other events could have a significant negative impact on global economic and market conditions. For example, a public health or other emergency and aggressive responses taken by many governments or voluntarily imposed by private parties, including closing borders, restricting travel and imposing prolonged quarantines or similar restrictions, as well as the closure of, or operational changes to, many retail and other businesses, may have severe negative impacts on markets worldwide. Additionally, general market conditions may affect the value of a Portfolio’s securities, including changes in interest rates, currency rates or monetary policies. Furthermore, the imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response to such actions), or the threat or potential of one or more such events and developments, could lead to price volatility and overall declines in the U.S. and global investment markets. Issuer Risk: The value of a security may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods or services, as well as the historical and prospective earnings of the issuer and the value of its assets or factors unrelated to the issuer’s value, such as investor perception. Fixed-Income and Debt Securities Risk: The market value of a debt security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The debt securities market can be susceptible to increases in volatility and decreases in liquidity. Liquidity can decline unpredictably in response to overall economic conditions or credit tightening.Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve.The Portfolio’s investments in lower-rated, higher-yielding securities (“junk bonds”) are subject to greater credit risk than its higher rated investments. Credit risk is the risk that an issuer, guarantor or liquidity provider of a fixed-income security will not make interest or principal payments, or will not make payments on a timely basis. Non-investment grade securities tend to be more volatile, less liquid and are considered speculative. If there is a decline, or perceived decline, in the credit quality of a debt security (or any guarantor of payment on such security), the security’s value could fall, potentially lowering the Portfolio’s share price. The prices of non-investment grade securities, unlike investment grade debt securities, may fluctuate unpredictably and not necessarily inversely with changes in interest rates. The market for these securities may be less liquid and therefore these securities may be harder to value or sell at an acceptable price, especially during times of market volatility or decline. Interest Rate Risk: Prices of bonds and other debt securities tend to move inversely with changes in interest rates. Interest rate risk is usually greater for fixed-income securities with longer maturities or durations. A rise in interest rates (or the expectation of a rise in interest rates) may result in periods of volatility, decreased liquidity and increased redemptions, and, as a result, the Portfolio may have to liquidate portfolio securities at disadvantageous prices. The Portfolio may be subject to heightened interest rate risk due to certain changes in general economic conditions, inflation and monetary policy, such as certain types of interest rate changes by the Federal Reserve. Liquidity Risk: The lack of a readily available market may limit the ability of the Portfolio to sell certain securities and other investments at the time and price it would like. The size of certain securities offerings of emerging markets issuers may be relatively smaller in size than offerings in more developed markets and, in some cases, the Portfolio, by itself or together with other Portfolios or other accounts managed by the Investment Manager, may hold a position in a security that is large relative to the typical trading volume for that security; these factors can make it difficult for the Portfolio to dispose of the position at the desired time or price. Securities Selection Risk: Securities and other investments selected by the Investment Manager for the Portfolio may not perform to expectations. This could result in the Portfolio’s underperformance compared to other funds with similar investment objectives or strategies. Cash Transaction Risk: To the extent the Portfolio sells Portfolio securities to meet some or all of a redemption request with cash, the Portfolio may incur taxable gains or losses that it might not have incurred had it made redemptions entirely in kind. As a result, the Portfolio may pay out higher annual capital gain distributions than if the in-kind redemption process were used. Additionally, the Portfolio may incur additional brokerage costs related to buying and selling securities if it utilizes cash as part of a creation or redemption transaction than it would if the Portfolio had transacted entirely in-kind. The Portfolio imposes transaction fees to offset all or a part of the costs associated with utilizing cash as part of a creation or redemption transaction. To the extent that the transaction fees do not offset the costs associated with a cash transaction, the Portfolio performance may be negatively impacted. Authorized Participant Concentration Risk: Only an authorized participant may engage in creation or redemption transactions directly with the Portfolio. The Portfolio has a limited number of intermediaries that act as authorized participants and none of these authorized participants is or will be obligated to engage in creation or redemption transactions. The Portfolio has a limited number of institutions that may act as authorized participants on an agency basis (i.e., on behalf of other market participants). To the extent that these intermediaries exit the business or are unable to or choose not to proceed with creation and/or redemption orders with respect to the Portfolio and no other authorized participant creates or redeems, Shares may trade at a discount to net asset value and possibly face trading halts and/or delisting. Authorized participant concentration risk may be heightened for ETFs that invest in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes. Large Shareholder Risk: Certain shareholders, including other funds advised by the Investment Manager, may from time to time own a substantial amount of the Portfolio’s shares. In addition, a third party investor, the Investment Manager or an affiliate of the Investment Manager, an Authorized Participant, a market maker, or another entity may invest in the Portfolio and hold its investment for a limited period of time. There can be no assurance that any large shareholder would not redeem or sell its investment. Redemptions of a large number of Portfolio shares could require the Portfolio to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Portfolio to make taxable distributions to its shareholders earlier than the Portfolio otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Portfolio may hold a relatively large proportion of its assets in cash in anticipation of large redemptions (to the extent redemptions are effected in cash), diluting its investment returns. These large redemptions may also force the Portfolio to sell portfolio securities when it might not otherwise do so, which may negatively impact the Portfolio’s net asset value, increase the Portfolio’s brokerage costs and/or have a material effect on the market price of the Portfolio shares. Market Trading Risk: The net asset value of the Portfolio and the market price of your investment in Portfolio shares may fluctuate. Market prices of Portfolio shares may fluctuate, in some cases significantly, in response to the Portfolio’s net asset value, the intraday value of the Portfolio’s holdings and supply and demand for shares. The Portfolio faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for shares. Any of these factors, among others, may result in shares trading at a significant premium or discount to net asset value, which will be reflected in the intraday bid/ask spreads and/or the closing price of shares as compared to net asset value. In addition, because liquidity in certain underlying securities may fluctuate, shares may trade at a larger premium or discount to net asset value than shares of other kinds of ETFs. If a shareholder purchases shares at a time when the market price is at a premium to the net asset value or sells shares at a time when the market price is at a discount to the net asset value, the shareholder may pay more for, or receive less than, the underlying value of the shares, respectively. Additionally, in stressed market conditions, the market for shares may become less liquid in response to deteriorating liquidity in the markets for the Portfolio’s underlying holdings.Where all or a portion of the Portfolio’s underlying securities trade in a market that is closed when the market in which the Portfolio’s shares are listed and trading is open, there may be differences between the last quote from the security’s closed foreign market and the value of the security during the Portfolio’s domestic trading day, and liquidity in such securities may also be reduced after the applicable closing times. This in turn could lead to differences between the market price of the Portfolio’s shares and the underlying value of those shares and widened bid-ask spreads or fixing or settlement times. No Guarantee of Active Trading Market Risk: There can be no assurance that an active trading market for Portfolio shares will develop or be maintained. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods in stressed market conditions because market makers and Authorized Participants may step away from making a market in the shares and in executing creation and redemption orders, which could cause a material deviation in the Portfolio’s market price and its underlying net asset value. Trading Issues Risk: Trading in Portfolio shares may be halted due to market conditions or for reasons that, in the view of the listing exchange, make trading in shares on the listing exchange inadvisable. In addition, trading in shares on the listing exchange is subject to trading halts caused by extraordinary market volatility pursuant to the listing exchange “circuit breaker” rules. In the event of a trading halt or unanticipated early closing of the listing exchange, a shareholder may be unable to purchase or sell shares of the Portfolio. There can be no assurance that the requirements of the listing exchange necessary to maintain the listing of the Portfolio will continue to be met or will remain unchanged. Limited Operating History Risk: The Portfolio has not commenced operations. As a result, prospective investors would not have a track record or history on which to base their investment decisions. In addition, until the Portfolio achieves a certain size, the performance of certain of its investments may disproportionately impact the performance of the Portfolio, which may be subject to heightened volatility. In addition, there can be no assurance that the Portfolio will grow to or maintain an economically viable size. Performance Bar Chart and Table Year-by-Year Total Returns As of December 31, 2025 the Portfolio commences operations, the Predecessor Portfolio, Lazard US High Yield Portfolio, a series of The Lazard Funds, Inc., will transfer its assets and liabilities to the Portfolio in a tax-free reorganization (the “Reorganization”). The Portfolio and the Predecessor Portfolio have the identical investment objective, fundamental investment policies and investment strategy. However, ETFs, such as the Portfolio, are structurally different from mutual funds, such as the Predecessor Portfolio, in several important aspects, including the ability for ETF shareholders to trade shares intraday on an exchange at market prices, the full daily transparency of the ETF’s portfolio holdings and the potential for increased tax efficiency.The performance of the Predecessor Portfolio has not been restated to reflect the annual operating expenses of the Portfolio, which are lower than those of the Predecessor Portfolio. Because the Portfolio has different fees and expenses than the Predecessor Portfolio, the Portfolio would also have had different performance results. Additionally, if the Predecessor Portfolio had operated as an ETF, its performance may have differed.The accompanying bar chart and table provide some indication of the risks of investing in the Portfolio. Performance results shown in the bar chart and the performance table below reflect the performance of the Institutional Class shares of the Predecessor Portfolio. The bar chart shows the Predecessor Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests over the past 10 calendar years. Updated performance information for the Predecessor Portfolio is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Predecessor Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. The accompanying bar chart and table provide some indication of the risks of investing in the Portfolio. Performance results shown in the bar chart and the performance table below reflect the performance of the Institutional Class shares of the Predecessor Portfolio. The bar chart shows the Predecessor Portfolio’s year-by-year performance and its average annual performance compared to that of a broad measure of market performance and an index that is generally more representative of the types of market sectors and/or types of investments in which the Portfolio invests over the past 10 calendar years. Updated performance information for the Predecessor Portfolio is available at www.lazardassetmanagement.com or by calling (800) 823-6300. The Predecessor Portfolio’s past performance (before and after taxes) is not necessarily an indication of how the Portfolio will perform in the future. www.lazardassetmanagement.com (800) 823-6300 <table cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="26%"><tr style="font-size:1pt;"><td style="width:60.92%;"> </td><td style="width:39.08%;"> </td></tr><tr><td style="vertical-align:bottom;">Best Quarter:</td><td style="vertical-align:bottom; font-size:1pt;"> </td></tr><tr><td style="vertical-align:bottom;">2020, Q2</td><td style="vertical-align:bottom;">7.80%</td></tr><tr><td style="vertical-align:bottom; font-size:1pt;"> </td><td style="vertical-align:bottom; font-size:1pt;"> </td></tr><tr><td colspan="2" style="vertical-align:bottom;">Worst Quarter:</td></tr><tr><td style="vertical-align:bottom;">2020, Q1</td><td style="vertical-align:bottom;">-9.80%</td></tr></table> Best Quarter 2020-06-30 0.0780 Worst Quarter 2020-03-31 -0.0980 Average Annual Total Returns (for the periods ended December 31, 2025) After-tax returns are shown only for Institutional Shares of the Predecessor Portfolio. After-tax returns of the Predecessor Portfolio’s other share classes may vary. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual marginal income tax rates and do not reflect the impact of state and local taxes. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Bloomberg US Universal Index (reflects no deduction for fees, expenses or taxes) Bloomberg US Universal Index(reflects no deduction for fees, expenses or taxes) 0.0758 0.0006 0.0244 ICE BofA US High Yield Index (reflects no deduction for fees, expenses or taxes) 0.0850 0.0450 0.0645 485BPOS 2025-12-31 0002051630 false 2026-09-08 2026-09-14 ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0002051630_S000108841Summary3Member row dei_LegalEntityAxis compact cik0002051630_S000108841Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0002051630_S000108841Summary3Member row dei_LegalEntityAxis compact cik0002051630_S000108841Member ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0002051630_S000108842Summary9Member row dei_LegalEntityAxis compact cik0002051630_S000108842Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0002051630_S000108842Summary9Member row dei_LegalEntityAxis compact cik0002051630_S000108842Member ~ ~ http://xbrl.sec.gov/rr/role/OperatingExpensesData row dei_DocumentInformationDocumentAxis compact cik0002051630_S000108843Summary10Member row dei_LegalEntityAxis compact cik0002051630_S000108843Member ~ ~ http://xbrl.sec.gov/rr/role/ExpenseExample row dei_DocumentInformationDocumentAxis compact cik0002051630_S000108843Summary10Member row dei_LegalEntityAxis compact cik0002051630_S000108843Member ~ ~ http://xbrl.sec.gov/rr/role/PerformanceTableData column period compact * row dei_DocumentInformationDocumentAxis compact cik0002051630_S000108843Summary10Member row dei_LegalEntityAxis compact cik0002051630_S000108843Member row oef_ClassAxis compact * row oef_PerformanceMeasureAxis compact * ~ Lazard Active ETF Trust 0.1009 0.0509 -0.0273 0.1334 0.0496 0.0286 -0.1011 0.1065 0.0531 0.1046 Based on estimated amounts for the current fiscal year. Based on estimated amounts for the current fiscal year. ~ http://www.lazard.com/20251231/role/RRRiskTable3 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable5 ~ ~ http://www.lazard.com/20251231/role/RRRiskTable7 ~ Based on estimated amounts for the current fiscal year. Pursuant to the Portfolio’s unitary management fee structure, Lazard Asset Management LLC (the “Investment Manager”) will pay all expenses of the Portfolio, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Investment Manager has agreed to pay a portion of the Portfolio’s offering costs during the Portfolio’s first year of operations so that offering costs borne by the Portfolio do not amount to .01% of its average net assets. Based on estimated amounts for the current fiscal year. Pursuant to the Portfolio’s unitary management fee structure, Lazard Asset Management LLC (the “Investment Manager”) will pay all expenses of the Portfolio, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Investment Manager has agreed to pay a portion of the Portfolio’s offering costs during the Portfolio’s first year of operations so that offering costs borne by the Portfolio do not amount to .01% of its average net assets. Pursuant to the Portfolio’s unitary management fee structure, Lazard Asset Management LLC (the “Investment Manager”) will pay all expenses of the Portfolio, except for the fee payment under the investment management agreement, acquired fund fees and expenses, interest expense, offering costs, trading expenses, taxes and extraordinary expenses. Notwithstanding the foregoing, the Investment Manager has agreed to pay a portion of the Portfolio’s offering costs during the Portfolio’s first year of operations so that offering costs borne by the Portfolio do not amount to .01% of its average net assets.